California Steel Posts Strong Numbers for Quarter

California Steel Industries, Inc. reported record sales exceeding two million tons for 2002. As a result of strong sales performance and improved margins, CSI fourth quarter 2002 net income was $9.9 million. For the fiscal year ended December 31, CSI's unaudited net income was $35.

Lourenco Goncalves, president and CEO, commented: "2002 was one of the best years in CSI's history, and the CSI family is very proud of our accomplishments this year. Our number one goal -- the safety of every CSI employee -- was achieved as we set another back-to-back and all time low recordable injury rate, cutting our last year record in half. We also set a new yearly sales record, exceeding two million tons shipped in 2002 for the first time in our eighteen-year history. Last but not least, we continued to improve CSI's operational efficiency, achieving improved yield ratios and lower finished and in-process inventories."

CSI sold more than 493,000 tons of steel product, a 10 percent increase from the same time the previous year. Further, CSI's average sales price increased $46 per ton when compared to the third quarter of 2002 and up $94 per ton when compared to the same period last year.